South Korea's Digital Asset Bill Proposes Shareholding Limit for Shareholders at 15% to 20%

The Financial Services Commission of South Korea is coordinating a government draft of the "Basic Law on Digital Assets," aiming to present it within November and advance it through legislative action by lawmakers. Regulatory authorities are discussing setting a single shareholder's ownership limit for cryptocurrency trading platforms at 15% to 20%, with a transition period of 1 to 2 years for existing platforms; it may only restrict voting rights to address property rights disputes. The bill proposes changing the entry system for trading platforms from a declaration system to a licensing system, with stablecoin issuers expected to adopt a bank-centered consortium model. Discussions are underway to implement strict liability for hacker attacks and system incidents, and violations of actual holding obligations for crypto assets will be listed as grounds for suspension of operations. South Korea's Deputy Prime Minister and Minister of Economy and Finance, Lee Hyeong-hee, stated that he will consult with the National Assembly to postpone the originally planned implementation of the crypto asset income tax for two years. The ruling party advocates prioritizing the formulation of this law to establish an overall regulatory framework and provide a transition period for businesses and investors.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.